LOS ANGELES (Reuters) - CBS Corp (CBS.N) said on Thursday its board had approved a special dividend that would dilute controlling shareholder Shari Redstone’s stake in the U.S. media company to about 20 percent if the move is approved by a Delaware court.

“If consummated, the dividend would enable the Company to operate as an independent, non-controlled company and more fully evaluate strategic alternatives,” CBS said in a statement.